McDonald’s Under Pressure to Accept Musk’s Favorite Crypto Dogecoin

Introduction

Proponents of Dogecoin, which has a Shiba Inu dog as its logo and namesake, pressure McDonald’s to let them use their preferred cryptocurrency to pay for their shopping at their restaurants. And they have an opportunity to win. McDonald’s fans have expressed their dissatisfaction with the situation. Many McDonald’s fans have expressed an interest in learning how to use Dogecoin. Considering the current state of the crypto market, several have argued that their comments on McDonald’s Twitter handle should receive the most interaction. “I stopped eating at McDonald’s a long time ago, and there’s one right next to my house,” one of them said. I’d come more often if you guys took Dogecoin payments.”

McDonald’s Under Pressure to Accept Musk’s Favorite Crypto Dogecoin

Elon Musk announced that Tesla Inc. TSLA -1.47 percent will embrace Dogecoin as payment for some products, resuming the electric motor maker’s use of cryptocurrencies for some transactions. “Tesla merch buyable with Dogecoin,” Tesla CEO Elon Musk announced in a tweet early On Friday. The group’s website displayed a few products and a “Giga Texas Belt Buckle” valued in bitcoin. Dogecoin cannot be used to purchase Tesla automobiles. Mr. Musk has a history of making statements about cryptocurrencies. Later last year, Dogecoin’s worth skyrocketed after Elon Musk announced that Tesla would accept cryptocurrency as payment for certain items. In theory, if a large proportion of participants partake, McDonald’s (MCD) – Get McDonald’s Corporation Report will see a new pool of possible customers.

“We genuinely appreciate your enthusiasm and regularly examine the payments experience,” McDonald’s said in response to queries about how they’d embrace it. As per the Forbes List, Mr. Musk is the world’s richest person. Dogecoin is closely tied with him. He tweeted a fake “Dogue” magazine cover to his millions of followers almost a year ago. Just a few days later, he referenced the cryptocurrency on Twitter again, pushing its price up by 80% overnight before reducing gains.

The year before, Dogecoin made a cameo entrance in Mr. Musk’s presenting debut on “Tonight Show.” Mr. Musk appears as “The Dogefather” in a humorous piece. Fellow cast and crew urged him to clarify, “what is dogecoin?” after he expounded on the cryptocurrency’s benefits using jargon. “Yeah, it’s a hustle,” Mr. Musk finally admitted when pressed.

What to Think About Before Investing in Crypto: Financial Techniques for 2022

Last year, the Shark Tank judge declared that ‘Doge’ was “the people’s option to Win-Win Alliance pay.” Dogecoin has amassed a cult-like following that swears by it. Accepting cryptocurrencies would allow McDonald’s to tap into a millennial and Gen Zs pool that advertising and competitors are vying for. As evidenced by several tweets, the excitement is already spreading on media platforms. The number of positive postings about McDonald’s (MCD) – Get McDonald’s Company Information on Reddit has surged.

It has only a few clear benefits for small businesses relative to bitcoin. Bitcoin is more of a store of value. Because of its endless supply and low processing fees, Dogecoin is ideally suited for day-to-day operations. However, it remains a highly speculative investment: its value often rises in response to tweets from Musk or Cuban. It’s also worth noting that Dogecoin is built on the same fuel solid evidence mining model that has caused problems for bitcoin. As a result, as Dogecoin increases, so makes its carbon impact.

Musk posted Tuesday morning that McDonald’s should accept the meme-crypto coin as a form of payment, adding that if it did, he would have a happy meal while watching TV. Musk commented, “If @McDonalds takes Dogecoin, I’ll have a delighted lunch on television.” According to CoinMarketCap data, the worth of Dogecoin increased by as much as 8% after the tweet, to $US0.1445. Musk’s message comes just one day after McDonald’s collaborated with the crypto community via Twitter. During a major sell-off in the crypto market on Monday, the quick giant tweeted, “How are you doing people who manage bitcoin twitter handles?”.

Conclusion

To conclude, Dogecoin is ideally suited for day-to-day operations. However, it remains a highly speculative investment: its value often rises in response to tweets from Musk or Cuban. It’s also worth noting that Dogecoin is built on the same fuel solid evidence mining model that has caused problems for bitcoin.

References

Strukov, M. (2021). How Elon Musk’s statements in social media move the cryptocurrency market.

Shahzad, S. J. H., Anas, M., & Bouri, E. (2022). Price Explosiveness in Cryptocurrencies and Elon Musk’s Tweets. Finance Research Letters, 102695.

Chou, J. H., Agrawal, P., & Birt, J. (2022). Accounting for crypto-assets: stakeholders’ perceptions. Studies in Economics and Finance.

Lorenzo, L., & Arroyo, J. (2022). Analysis of the cryptocurrency market using different prototype-based clustering techniques. Financial Innovation, 8(1), 1-46.